M1 offers commission-free trading, but clients may be subject to a $3 monthly Platform Fee or a $3 monthly IRA Fee. You can automatically waive these monthly fees if you maintain at least $10,000 in total M1 assets or have an active M1 Personal Loan. You will never be charged both fees in the same month.
What are the M1 Platform and IRA Fees?
M1 charges a standard $3 monthly fee to access the platform. Depending on the types of accounts you have open, this is billed as either a Platform Fee or an IRA Fee:
Platform Fee: A $3 monthly fee applied to users who do not meet the waiver requirements.
IRA Fee: A $3 monthly fee applied to users who only have an Individual Retirement Account (IRA) open and do not meet the waiver requirements.
Note: If you are already paying the $3 Platform Fee, the IRA Fee is automatically waived. You will only ever pay a maximum of $3 per month for access to the platform, regardless of how many accounts you have open.
How do I waive the monthly fee?
The $3 monthly fee is waived automatically for each 30-day billing cycle if you meet at least one of the following criteria:
You hold $10,000 or more in total M1 assets: Your aggregate account balance must reach $10,000 for at least one day during your 30-day billing cycle. Total M1 assets include the settled value of Individual Accounts, Joint Accounts, Traditional IRAs, Roth IRAs, Trust Accounts, Custodial Accounts, Crypto Accounts, High-Yield Savings Accounts, and High-Yield Cash Accounts.
You have an active M1 Personal Loan: Maintaining an open and active personal loan on the platform waives the fee.
How is the fee charged?
You can select a default payment account for future fee charges on your Platform fee page. Eligible payment accounts include Individual Brokerage, Joint Brokerage, High-Yield Savings Accounts, or High-Yield Cash Accounts.
Custodial, Trust, IRA and Crypto Accounts are not eligible for platform fee payment.
If your default payment account fails or lacks sufficient funds, M1 will attempt to collect the $3 fee using the following account order:
An Individual or Joint Brokerage Account with $3 or more in cash.
A Savings Account or Cash Account (if you have both open, the fee is charged to the account with the higher balance).
Any remaining Individual or Joint Brokerage Account.
Note: If the platform fee is charged to an investment account with less than $3 available in cash, M1 may automatically sell a portion of your securities to cover the fee.
How do I view my fee status and billing date?
You can view your current fee status, check if your fee is waived for the current or upcoming cycle, and view your billing history in your account settings.
To find your fee page:
Log in to your M1 account.
Go to Settings.
Select Platform fee.
Your billing cycle lasts 30 days. Your specific billing date depends on when you created your M1 login:
M1 login created before February 15, 2024: Your billing date is the 15th , 16th, 17th, or 18th of each month.
M1 login created after February 15, 2024: Your billing begins 90 days after sign-up.
Example: If you created your M1 login on May 1, 2024, your first billing date was July 29, 2024. If your first billing date falls on the 29th, 30th, or 31st of the month, all future billing dates will default to the 1st of each month.
Important Considerations for Inactive Accounts
If you stop using M1 and leave accounts open with very low balances, they may be subject to closure or inactivity fees:
Low-Balance M1 Investment Accounts: M1 investment accounts with a value of $50 or less that have zero trading or deposit activity for 90+ days will be closed. Any remaining balance (up to $50) will be charged as a Minimum Balance Fee.
Low-Balance M1 High-Yield Savings Accounts: M1 High-Yield Savings Accounts with a balance of $5 or less and no transaction activity for 90+ days will be considered inactive.
For additional services offered for a fee, please review the complete M1 Fee Schedule.
Frequently Asked Questions (FAQs)
What if my M1 assets temporarily drop below $10,000?
You will not be charged the fee if market fluctuations cause your balance to briefly dip. As long as your total M1 assets meet or exceed the $10,000 threshold for at least one day during your 30-day billing cycle, your fee will be waived.
How do M1 Joint Cash Accounts work with the platform fee?
M1 evaluates total assets and Personal Loan status individually for Joint Account holders. If either client qualifies for a fee waiver, neither client will be charged. If neither client qualifies, both clients will be charged the platform fee.
M1 Finance, LLC does not charge commission, trading, or management fees for self-directed brokerage accounts. You may still be charged other fees such as M1’s platform fee, regulatory fees, account closure fees, or ADR fees. For a complete list of fees M1 may charge visit M1’s Fee Schedule.
This content was generated using artificial intelligence and is intended for informational and educational purposes only. While reasonable efforts are made to ensure accuracy, AI-generated outputs may omit key context; and should not be construed as financial, investment, legal, or tax advice. Users should independently verify all information and consult a qualified professional before making any financial decisions.
M1 disclosures here.
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